XML 56 R42.htm IDEA: XBRL DOCUMENT v3.25.4
Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2025 and 2024:
December 31,
(In thousands)Balance Sheet Location20252024
Derivatives designated as hedging instruments:
Interest rate “pay-fixed” swaps (USD)Derivative liabilities, at fair value$— $(1,179)
Interest rate “pay-fixed” swaps (GBP)Derivative liabilities, at fair value— (602)
Interest rate “pay-fixed” swaps (EUR)Derivative assets, at fair value— 260 
Interest rate “pay-fixed” swaps (EUR)Derivative liabilities, at fair value(995)(1,310)
Total $(995)$(2,831)
Derivatives not designated as hedging instruments:
Foreign currency forwards (GBP-USD)Derivative assets, at fair value$— $1,156 
Foreign currency forwards (GBP-USD)Derivative liabilities, at fair value(3,140)(628)
Foreign currency forwards (EUR-USD)Derivative assets, at fair value7 1,055 
Foreign currency forwards (EUR-USD)Derivative liabilities, at fair value(1,163)— 
Total $(4,296)$1,583 
Schedule of Interest Rate Derivatives
As of December 31, 2025 and 2024, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
December 31,
20252024
DerivativesNumber of
Instruments		Notional AmountNumber of
Instruments		Notional Amount
(In thousands)(In thousands)
Interest rate “pay-fixed” swaps (GBP)—$— 3$250,718 
Interest rate “pay-fixed” swaps (EUR) 9363,009 9321,178 
Interest rate “pay-fixed” swaps (USD)—— 9600,000 
Total9$363,009 21$1,171,896 
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The table below details the location in the consolidated financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
(In thousands)202520242023
Amount of gain (loss) recognized in AOCI from derivatives $889 $7,928 $(5,100)
Amount of (loss) gain reclassified from AOCI into income as interest expense $(2,884)$14,583 $15,744 
Total interest expense recorded in the consolidated statements of operations
$194,718 $255,685 $158,347 
Schedule of Disclosure of Credit Derivatives
As of December 31, 2025 and 2024, the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships:
December 31, 2025December 31, 2024
DerivativesNumber of
Instruments		Notional AmountNumber of
Instruments		Notional Amount
(In thousands)(In thousands)
Foreign currency forwards (GBP - USD)34$92,846 30$69,574 
Foreign currency forwards (EUR - USD)3155,766 1929,085 
Total 65$148,612 49$98,659 
Schedule of Offsetting Assets
The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2025 and 2024. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets.
Gross Amounts Not Offset on the Balance Sheet
(In thousands)Gross Amounts of Recognized AssetsGross Amounts of Recognized (Liabilities)Gross Amounts Offset on the Balance SheetNet Amounts of Assets (Liabilities) presented on the Balance SheetFinancial InstrumentsCash Collateral Received (Posted)Net Amount
December 31, 2025$7 $(5,298)$— $(5,291)$— $— $(5,291)
December 31, 2024$2,471 $(3,719)$— $(1,248)$— $— $(1,248)